Hello, I am entering a new company and have been offered 2 different health insurance plans. I have never had health insurance before, so I am trying to understand what exactly is meant by “deductible” , “coinsurance” “estimated out of pocket cost” and “out of pocket max”. Additionally what is meant by “N/A” in coinsurance.
I am a healthy 21 year old, and I only planned to utilize health insurance for 1-2 check ups annually with a primary care provider, and 2 dental cleanings annually. I do not require any prescriptions, medication, or visual care.
I would greatly appreciate some help on breaking down the plans to see which plan would make the most financial sense for my situation. Thank you!
Plan 1:
Plan cost: “$39.69/pay period = $1032 annual”
Deductible: “$3500 individual”
Coinsurance: “N/A”
Out of pocket max: “$3500 individual”
Estimated out of pocket cost: “$0.00”
Plan 2:
Plan cost: “$55.85/pay period = $1452 annual”
Deductible: “$1750 individual”
Coinsurance: “80%”
Out of pocket max: “$3500 individual”
Estimated out of pocket “$0.00”
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I am a healthy 21 year old, and I only planned to utilize health insurance for 1-2 check ups annually with a primary care provider, and 2 dental cleanings annually. I do not require any prescriptions, medication, or visual care.
I would greatly appreciate some help on breaking down the plans to see which plan would make the most financial sense for my situation. Thank you!
Plan 1:
Plan cost: “$39.69/pay period = $1032 annual”
Deductible: “$3500 individual”
Coinsurance: “N/A”
Out of pocket max: “$3500 individual”
Estimated out of pocket cost: “$0.00”
Plan 2:
Plan cost: “$55.85/pay period = $1452 annual”
Deductible: “$1750 individual”
Coinsurance: “80%”
Out of pocket max: “$3500 individual”
Estimated out of pocket “$0.00”
View Poll